The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1887-03-18

THE BIO DEAL Orr-NEw YORK, March II.
The negotiation bctwecn Garrett and tho
Richmond Terminal Company has fallen
through, and the deal is of. A new PROPOSE
ton is now being considered by Garrett, and
negotiations are now on foot for the transfer Of
the control Of the Baltimore and Ohio to q
syndicate Of private bankers.
Tho arrangement for the purchase of the
control Of the Baltimore and Ohio Road by a
private syndicate, in which President Garrett
will have an interest, contcmplatcs placing the
stock in collateral trust for n company
and issuing bonds secured by this trust to tho
amount Of $4,000, 900. These bonds arc to be
taken rs part payment of the stock. The new
company will issue $50, 900 900 in stock and
holders of outstanding Baltimore and Ohio
stock will receive three shares of new stock
for one share of old. The new stock will be
listcl on the Now York Stock Exchange on the
present basis of earnings, and wilt receive
dividends at the rate of six per cent. per an
mum. The express business, paror cars aud
telegraph lines will be sold ut the best oppor-
tunity, but until that is doae will be operate
as heretofore. Some difficulties in the way of
the deal are said to be the Staten Island con-
tracts and the attitude Of the pcnnsylvani.
Railroad Company
BALTIMORE, March ll.-A private dispatch
received in this city this afternoon from New
York says:
The deal is not off and it will be consum-
mated.
The following has just been iIsucl from the
Baltimore and Ohio Railroad office
MIR. CARROTS attention was called to the
newspaper reports regarding tho proposed rail
way arrangements. lie refused to talk further
upon the subject, but said :hat whatever ar
rangements were made would commend them
selves to the community of Baltimore. and be
recognized rs protective, wise and valuable to
all interests involved
TERMS or THE NEW DEAL.-NEw YoRK,
March 1l.-Thc following statement il ma ,c
by one Of the syndicate, which is about to ac-
quirc control Of the Baltimore and Ohio Road
president Garrett has granted an extension
Of time in which to take up the majority of
tho stock, and he will not hold out on n slnglc
technically regarding the exact terms time.
There is no opinion given by one person, but
written agreement is in this city giving CO..
tain party the right to buy the stock, AMI this
party, although not mentionc in the contract,
is clearly understood by both Garrett anl the
parties conducting the ncI"tations.
'The Price is not more than 200, but whether
it is less or not will not say. Garrett will lie
represented i'll the syndicate and Could will
also be represented there. The sue Of the
property whcn eliminated will bring ABOUT the
settlement Of the question of entering New
York city, and the telegraph and express lines
will hc sold. Sully has the same interest as
before in the syndicate and all interests are
ring to n sale to the Richmond Terminal ialcl
on account Of the refusal Of the executive CON-
mittcc yesterday 10 cousen, TO the issue % the
additional stock necessary.
The stock will be pail for in cash, which
will either he subscribed at once by thc syn IL
cato or loaned by the First National Bank,
DrcXcl. Morgan s. Co.. or Winslow, Lance s. Co.,
who will issue negotiable ccrtiich'cs fJr it.
The probability Mt present, however, il that
the necessary crsh will be subscribed The
formation "f n new company is not c1ntemph-
ted. Tho securities may ultimately tic sJld TO
the Richmond Terminal Company, bat a; n
higher price than that paid by the synthetic
a new lot Of fGert,s and Ialie. fine shoes
also n fine selection Of Gents Hats latest style,
just received at GRAHAM & SPARKS cheap
cash store
bust received, ~ Fine lot of
Spring hats. The latest n going in stiT and
soft felt Hats. Also n,bhy linz oc Spring
and Summer Clothing. Call AMI secure m ont.
ht Very respectfully. RICE & NrIr&E.
10000 lbs Of sHay. GYSt-cIasS
for sal" at FARR X THOMSON :.